On Tuesday, Signet Jewelers Ltd. (NYSE: SIG) announced shares lost almost a third of their value after reporting a third quarter loss with a drop in store sales while also expecting to earn less profit for the full year than previously anticipated.
Factors contributing to these negative results include unfavorable weather related incidents along with unexpected disruptions during the company’s transition of credit services.
The jeweler retailer lost 20 cents per share at $12.1 million with revenue of $1.16 billion for the quarter ending on October 28th. This compares to higher earnings last year with profit of $14.8 million at 20 cents per share and revenue of $1.19 billion. Store sales reported a decrease in 5% from the third quarter mostly driven by low bridal sales as well as other merchandise.
On the other hand, e-commerce sales jumped 56.4% to $80.7 million. Earnings had beat analyst predictions but revenue still fell short. The company is lowering their earnings guidance for the full 2018 fiscal year.